By Canadian Press

Aritzia beats expectations as third-quarter profits more than double on revenue boost

Jan 12, 2022 | 3:25 PM

VANCOUVER — Aritzia Inc. handily beat expectations as its net profit more than doubled on a big boost in revenues in the third quarter of its fiscal year.

The Vancouver-based clothing retailer says it earned $64.9 million for the three months ended Nov. 28, compared with $30.5 million in the prior year.

Adjusted profits were $71.2 million or 61 cents per share, up from $32.2 million or 29 cents per share a year earlier.

Revenues rose 63 per cent to $453.3 million from $278.3 million as retail revenues increased 72 per cent while e-commerce sales rose 47 per cent from the third quarter of 2021.

Sales growth in the United States increased 115 per cent and represented 44 per cent of total revenue in the quarter.

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Aritzia was expected to report 40 cents per share in adjusted profits on $368 million in revenues, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Jan. 12, 2022.

Companies in this story: (TSX:ATZ)

The Canadian Press